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Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
 In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced particularly challenging times, with global demand for the commodity crashing in April and dragging oil prices to unprecedented levels as a result.
COVID-19 caused panic in societies, with lockdowns quickly translating to a severe hit to the global economy. Sadly, this epidemic has killed over 393,000 people so far, with over 6,500,000 cases being recorded worldwide, and even today, it continues to spread terror and uncertainty. Hopes are placed on a vaccine being discovered sooner rather than later in order to provide communities with a big relief on a humanitarian level and to eventually restore confidence across the different markets that economies are jump starting again and doing so at full speed ahead.
As far as oil and gas projects from major oil producers are concerned, since the COVID-19 outbreak, delays and cancellations have been announced, while most hydrocarbon projects are expected to be postponed for one up to three years according to reports. Representative examples of this big setback, especially in the short-cycle projects of the African continent, are those of ENI and TOTAL. The two international oil and gas majors, who have the largest presence in Africa, have already cut off around 25-30% of their investment in exploration and production projects in 2020 in an effort to ensure their survival in the long run.
As expected, offshore service providers such as AHTS and PSVs, have been also hit by this crisis and are currently going through soft demand and disappointing freights, with today’s challenges proving even worse compared to those during the 2015-2017 period. Most offshore unit owners have already lowered their offers at very realistic levels in order to survive as long as possible, with no increase in the number of laid up units as a result. However, if this situation continues for several more months without no visible signs of improvement, the lay-up option will be the only alternative in order to limit costs, which is also what happened during the 2015-2017 period.
Even those more optimistic do not believe that anything will change drastically during the remainder of 2020 for the oil & gas industry, in terms of demand and offshore projects. Undoubtedly, we might see later in the year some tender / projects but a lot of competition is expected for these, which means that no particular positive effect on the industry/rates is expected. It will take a while before we can have a more clear view of what’s ahead and we expect the market to keep facing challenges at least in the short-term, while on the positive side, governments around the world, OPEC and its allies and all concerned bodies and organizations seem to be taking serious action in order to support demand and prices.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Trasteel International SA, Italy
- ASAPP Information Group - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
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